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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

               For the quarterly period ended September 30, 2005
                                              ------------------

                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

          For the transition period from ____________ to_____________

                        Commission file number 0 - 24012


                               KODIAK ENERGY INC.
                      -------------------------------------
             (Exact name of registrant as specified in its charter)


                 Delaware                             65-0967706
     ---------------------------------             ------------------
       (State or other jurisdiction                (I.R.S. Employer
     of incorporation or organization)             Identification No.)


           734 7th Avenue Suite 460 Calgary, Alberta, T2P 3P8, Canada
            --------------------------------------------------------
               (Address of principal executive offices - Zip code)

                                 (403) 262-8044
                                ----------------
              (Registrant's telephone number, including area code)





<PAGE>


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.

     Yes         No  X
          ---       ---

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.

     Yes   X     No
          ---       ---

     As of September 30, 2005, the Registrant had approximately 474,028 shares
of Common Stock, $.001 par value per share outstanding.



                                       -2-
<PAGE>



                               KODIAK ENGERY INC.
                                      INDEX

                                                                            Page
                                                                            ----



PART I.  FINANCIAL INFORMATION .............................................  4

ITEM 1.  FINANCIAL STATEMENTS ..............................................  4

     Condensed Consolidated Balance Sheets as of September
     30, 2005 (unaudited) and December 31 , 2004 ...........................  4

     Condensed Consolidated Statements of Operations
     (unaudited) for the three months and nine months
     ended September 30, 2005 and 2004 .....................................  5

     Condensed Consolidated Statements of Cash Flows
     (unaudited) for the nine months ended September
     30, 2005 and 2004 .....................................................  6

     Notes to Condensed Consolidated Financial Statements ..................  7

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR
         PLAN OF OPERATION .................................................  8

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES
         ABOUT MARKET RISKS ................................................ 10

ITEM 4.  CONTROLS AND PROCEDURES ........................................... 10

PART II. OTHER INFORMATION ................................................. 11

ITEM 1.  LEGAL PROCEEDINGS ................................................. 11

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS ......................... 11

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES ................................... 11

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K .................................. 11



                                       -3-
<PAGE>


                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS


KODIAK ENERGY, INC.
(Development Stage Company)
BALANCE SHEETS
                                                   September 30,    December 31,
                                                       2005            2004
                                                    -----------     -----------

ASSETS

CURRENT ASSETS
   Cash                                             $         -     $         -

                                                    -----------     -----------
      Total Assets                                  $         -     $         -
                                                    ===========     ===========

LIABILTIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
   Accounts payable                                 $    47,044     $    36,713
                                                    -----------     -----------

                                                    -----------     -----------
      Total Current Liabilities                          47,044          36,713
                                                    -----------     -----------

STOCKHOLDERS' EQUITY (DEFICIT)
   Common stock
      50,000,000 shares authorized,
      at $0.001 par value; Sept 30, 2005 -
      474,028, December 31, 2004 - 474,028
      shares issued and outstanding                         474             474
   Capital in excess of par value                     1,840,502       1,839,602
   Deficit accumulated during the
      development stage                              (1,888,020)     (1,876,789)

                                                    -----------     -----------
      Total Stockholders' Equity (Deficit)              (47,044)        (36,713)
                                                    -----------     -----------

                                                    -----------     -----------
                                                    $         0     $         -
                                                    ===========     ===========

The accompanying notes are an integral part of these financial statements.


                                       -4-
<PAGE>


KODIAK ENERGY, INC.
(Development Stage Company)
STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                                           April 1,
                                           Nine         Nine        Three        Three         2003
                                         Months       Months       Months       Months           to
                                      September    September    September    September    September
                                       30, 2005     30, 2004     30, 2005     30, 2004     30, 2005
                                       --------     --------     --------     --------    ---------
<S>                                    <C>          <C>          <C>          <C>         <C>
REVENUES                               $      -     $      -     $      -     $      -    $  24,708
  Cost of Sales                        $      -     $      -     $      -     $      -    $  20,346
                                       --------     --------     --------     --------    ---------
Gross Profit                                               -            -            -        4,362

EXPENSES
  Administrative                         11,231       25,206        2,744       16,358       60,601
  Depreciation                                -            -            -            -       16,967
                                       --------     --------     --------     --------    ---------
                                         11,231       25,206        2,744       16,358       77,568
                                       --------     --------     --------     --------    ---------

NET LOSS - before other
  income and expenses                                (25,206)      (2,744)     (16,358)     (73,206)

   Other Income (Expenses)                                                                        -
      Interest Expense                        -            -            -            -          (99)
    Write off of Goodwill - See note 2        -      (25,000)           -            -      (25,000)
    Gain on disposal of assets                -            -            -            -      230,490
                                       --------     --------     --------     --------    ---------
NET Profit (Loss)                       (11,231)     (50,206)      (2,744)     (16,358)     132,185
                                       ========     ========     ========     ========    =========

NET LOSS PER COMMON SHARE
   Basic                               $  (0.02)    $  (0.10)    $   0.00     $  (0.03)

AVERAGE OUTSTANDING SHARES
   Basic (in 000's)                         474          474          474          474

The accompanying notes are an integral part of these financial statements.





                                                 -5-
</TABLE>
<PAGE>


KODIAK ENERGY, INC.
(Development Stage Company)
STATEMENTS OF CASH FLOWS

                                                                      April 1,
                                                Nine         Nine         2004
                                              Months       Months           to
                                           September    September    September
                                            30, 2005     30, 2004     30, 2005
                                           ---------    ---------    ---------
CASH FLOWS FROM OPERATING ACTIVITIES
 Net Profit (Loss)                         $ (11,231)   $ (50,206)   $ 132,185
 Adjustments to reconcile net loss
  to net cash provided by operating
  activities
      Contributions to capital - expenses        900       25,900       26,800
      Gain on sale of assets                       -            -     (230,490)
      Depreciation and amortizaion                 -            -       16,967
      Issuance of common stock for services        -            -            -
 Changes in assets and liabilities
     Changes in accounts recievable                -            -       10,290
     Inventory                                     -            -       17,893
    Prepaid expenses                               -            -        4,157
     Changes in accounts payable             (10,331)      24,306        8,771
                                           ---------    ---------    ---------
 Net Decrease in Cash from Operations              -            -      (13,427)

CASH FLOWS FROM INVESTING ACTIVITIES
 Proceeds from sale of assets                      -            -      302,997

CASH FLOWS FROM FINANCING ACTIVITIES
 Payment on debt                                   -            -     (264,842)

Exchange Rate Adjustment                                               (29,420)

                                           ---------    ---------    ---------
 Net Increase (Decrease) in Cash                   -            -       (4,692)
 Cash at Beginning of Period                       -            -        4,692
                                           ---------    ---------    ---------
 Cash at End of Period                     $       -    $       -    $       -
                                           =========    =========    =========




The accompanying notes are an integral part of these financial statements.


                                      -6-
<PAGE>


KODIAK ENERGY INC.
NOTES TO  FINANCIAL STATEMENTS

1.  BUSINESS

Kodiak Energy Inc. (the "Company") is a company that intends to look for
projects in the oil and gas business.

Prior to April 7, 2004, the Predecessor Company, known as Island Critical Care
Corp, was engaged primarily in the manufacture and distribution of a medical
device called a VitalSat Pulse Oximeter.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Methods
------------------

The Company recognizes income and expenses based on the accrual method of
accounting.

Dividend Policy
---------------

The Company has not yet adopted a policy regarding payment of dividends.

Income Taxes
------------

Income taxes are computed using the asset and liability method. Under the asset
and liability method, deferred income tax assets and liabilities are determined
based on the differences between the financial reporting and tax bases of assets
and liabilities and are measured using the currently enacted tax rates and laws.
A valuation allowance is provided for the amount of deferred tax assets that,
based on available evidence, are not expected to be realized.

Basic and Diluted Net Income (Loss) Per Share
---------------------------------------------

Basic net income (loss) per share amounts are computed based on the weighted
average number of shares actually outstanding. Diluted net income (loss) per
share amounts are computed using the weighted average number of common shares
and common equivalent shares outstanding unless the exercise becomes
antidilutive and then only the basic per share amounts are shown in the report.


                                      -7-
<PAGE>


Goodwill
--------

The Company has adopted Statement of Financial Accounting Standards No. 142,
"Goodwill and Other Intangible Assets". On April 7, 2004, the Company assigned
the $25,000 purchase price for 15,000,000 common shares as goodwill to its sole
reporting unit. At the same time, the Company conducted an impairment test and
determined that the goodwill balance was fully impaired due to uncertainty with
regard to future cash flows, a general lack of financial resources, and items
described in note 5 below. In accordance with this impairment, the Company wrote
off the entire goodwill balance against earnings.

Financial Instruments
---------------------

The carrying amounts of financial instruments, including cash and accounts
payable, are considered by management to be their estimated fair values.

Estimates and Assumptions
-------------------------

Management uses estimates and assumptions in preparing financial statements in
accordance with generally accepted accounting principles. Those estimates and
assumptions affect the reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities, and the reported revenues and
expenses. Actual results could vary from the estimates that were assumed in
preparing these financial statements.

Comprehensive Income
--------------------

The Company adopted Statement of Financial Accounting Standards No. 130. The
adoption of this standard had no impact on the total stockholder's equity.

Recent Accounting Pronouncements
--------------------------------

The Company does not expect that the adoption of other recent accounting
pronouncements will have a material impact on its financial statements.



                                      -8-
<PAGE>


3.  REORGANIZATION

On February 5, 2003, Island Critical Care Corp. (the "Company" or the
"Registrant") filed a Petition for Relief under CCAA of the Canadian. Bankruptcy
Code in the Canadian Bankruptcy Court in and for the District of Prince Edward
Island, Division No. 01-Prince Edward Island Court No. 1713, Estate No.
51-104460, titled "Island Critical Care Corp." ("the Bankruptcy Action"). See
Form 8-K filed by the Company on February 7, 2003 for additional information.

On April 7, 2004, after notice to all creditors and a formal hearing, Canadian
Bankruptcy Judge Charles P. Thomson issued an "Order Approving Proposal" in the
Bankruptcy Action (hereinafter "Bankruptcy Order"). In conjunction with that
Bankruptcy Order, the Company's liabilities, among other things, were paid off
and extinguished.

The Company emerged from CCAA on April 7, 2004. The Bankruptcy Order, among
other things, implements a change of control whereby a group of new investor,
took control of the Company.

The Bankruptcy Order, among other things, implements a change of control whereby
Marc Juliar ("Juliar"), took control of the Company. The principal provisions of
the Plan, which are authorized and implemented by the Bankruptcy Order, are the
following, which is not an exhaustive list thereof:

a)   the termination of present management and the present Board of Directors
     and appointment of Mr. Marc Juliar in their place and stead;

b)   issuing 15,000,000 shares of the companies common stock to Mr. Juliar for
     $25,000.

4.  GOING CONCERN

The Company intends to seek a business opportunity that may provide a profit,
however, the Company does not have the working capital necessary to be
successful in this effort and to service its debt.

Continuation of the Company as a going concern is dependent upon obtaining
additional working capital and the management of the Company has developed a
strategy, which it believes will accomplish this objective through short term
related party loans and long term financing which will enable the Company to
operate for the coming year.






                                      -9-
<PAGE>


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

All statements contained herein that are not historical facts, including, but
not limited to, statements regarding the Company's current business strategy,
the Company's projected sources and uses of cash, and the Company's plans for
future development and operations, are based upon current expectations. These
statements are forward-looking in nature and involve a number of risks and
uncertainties. Actual results may differ materially. Among the factors that
could cause actual results to differ materially are the following: the
availability of sufficient capital to finance the Company's business plans on
terms satisfactory to the Company; competitive factors; changes in labor,
equipment and capital costs; changes in regulations affecting the Company's
business; future acquisitions or strategic partnerships; general business and
economic conditions; and factors described from time to time in the reports
filed by the Company with the Securities and Exchange Commission. The Company
cautions readers not to place undue reliance on any such forward-looking
statements, which statements are made pursuant to the Private Litigation Reform
Act of 1995 and, as a result, are pertinent only as of the date made.

PLAN OF OPERATION

The Company is no longer operating as Island Critical Care Corp., the
Predecessor Company, and has emerged from CCAA protection as a development stage
company with no assets and liabilities. The company changed its name to Kodiak
Energy, Inc. in December 2004.

As a result of the Bankruptcy Order and the implementation of the Order
Approving the Proposal, we are currently headquartered in Toronto, Canada at the
address set forth above. We intend to look for opportunities in the oil and gas
business.

RAISING CAPITAL

The Company currently lacks the capital resources to implement and carry out its
business plan as described herein. Operations to date have involved
identification of properties and leases we wish to investigate for oil and gas
potential. We believe we have sufficient capital resources funded through
current shareholders to perform initial investigations in this regard. At some
point in the future we expect to raise additional capital, either through debt,
equity or any combination thereof. In the event that additional capital is
raised at some time in the future, existing shareholders will experience
dilution of their interest in the Company.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

None.

ITEM 4.  CONTROLS AND PROCEDURES:


Mr. Marc Juliar, the Company's current President, CEO and CFO has concluded,
based on his evaluation as of a date within 90 days prior to the filing of this
report, that the Company's disclosure controls and procedures are effective to
ensure that information required to be disclosed by the Company in the reports
filed or submitted by it under the Securities Exchange Act of 1934, as amended,
is recorded, processed, summarized and reported as specified in the Securities
and Exchange Commission's rules and forms, and include controls and procedures
designed to ensure that information required to be disclosed by the Company in
such reports is accumulated and communicated to the Company's management, as
appropriate, to allow timely decisions regarding required disclosure.


                                      -10-
<PAGE>


                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

None.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

Pursuant to the Bankruptcy Order, the Company completed issued 15,000,000 shares
to March Juliar on April 7, 2004.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

See Item 1 of Part I hereof titled "Financial Information" and Item 2 of Part 1
hereof titled "Management's Discussion and Analysis or Plan of Operation" for a
detailed discussion of the Company's Bankruptcy Action.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

EXHIBITS

   31.1 - Certification of President Pursuant to Section 302 of the
          Sarbanes-Oxley Act of 2002

   31.2 - Certification of Chief Financial Officer to Section 302 of the
          Sarbanes-Oxley Act of 2002

   32   - Certification of President and Chief Financial Officer Pursuant to
          Section 906 of the Sarbanes-Oxley Act of 2002

REPORTS ON FORM 8-K

None.







                                      -11-
<PAGE>


                                   SIGNATURES
                                   ----------

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                            KODIAK ENERGY, INC.
                                             (Registrant)


Dated: November 7,  2005                    By: /s/  Marc Juliar
                                               --------------------------------
                                               Marc Juliar
                                               President, CFO and Sole Director




















                                      -12-

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